Moody's: Alpha Topco loans Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating and a B1 probability of default rating to Alpha Topco Ltd.

Moody's also assigned a provisional Ba3 rating to the new $2.3 billion of senior secured credit facilities due April 2017 and 2018 of Alpha Topco's subsidiary Delta 2 (Lux) Sarl, guaranteed by Alpha Topco.

The outlook is stable.

Alpha Topco is the holding company of a group of companies that hold the rights to commercially develop the Federation Internationale de l'Automobile (FIA) Formula One World Championship.

FIA is the governing body for world motor sport.

Proceeds from the new senior credit facilities will be used to refinance existing bank debt and make a one-off cash distribution of $1.1 billion to Alpha Topco's immediate holding company Delta Topco Ltd., Moody's said.

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